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SpiceJet incurs Q1 standalone net loss of 38.06 cr
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SME Times News Bureau | 15 Aug, 2018
Budget passenger carrier SpiceJet on Tuesday reported a standalone net loss of 38.06 crore for the quarter ended June 30, 2018.
The airline had reported a net profit of Rs 1,75.23 crore during the corresponding month of the previous fiscal.
"The
company has taken a provision of INR 63.5 crore as an exceptional item
on account of an arbitration award that cited interest payable of INR
92.5 crore and interest receivable of INR 29 crore for SpiceJet," the
statement said.
"With this one time provision, SpiceJet has now
fully provided for the maximum amount that may be payable under the
arbitration award."
In addition, SpiceJet accounted Rs 51 crore as forex losses due to the depreciation of the Indian rupee.
According
to the low-cost carrier, total income from operations rose by 19.59 per
cent to Rs 2,235.82 crore for the quarter ended June 2018 compared to
Rs 1,869.53 crore earned during the same period of previous fiscal.
"The
company additionally paid an amount of INR 203 crores on account of
increase in cost of Aviation Turbine Fuel and an amount of INR 44 crores
on account of forex losses as compared to Q1 2017," the statement
added.
"A superior revenue performance ensured that an amount of INR 99 crores of these losses was offset by an increase in revenue."
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